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June 12, 2023
Friday at a glance: the entertainment giant dropped 0.65% early on and traded close to the $91.93 level.
A "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term. Walt Disney made an initial break below its 5 day Simple Moving Average at $91.8, a possible indication of a forthcoming negative trend. On the other hand, note that Walt Disney could begin to recover as it approaches significant support, now 58 cents away from $91.35. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Walt Disney to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the entertainment giant is expected to attract significant bearish sentiment in the coming days.
Walt Disney was not the only decliner in the consumer discretionary sector; Home Depot lost 1.24% Friday and closed at $297.35.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Tesla traded at $244.4 after closing Friday's trading day at $234.86 (up 4.06%). Toyota traded at $148.64 after closing Friday's trading day at $146.86 (up 1.21%).
Furthermore, United States Consumer Price Index figure is projected at 0.3%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC. United States Consumer Price Index is expected tomorrow at 12:30 UTC.
Over the past 9 months, the entertainment giant has retreated 25.95% from a noteworthy peak of $124.96.
